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Accountant Certificates
bigstevex
Posts: 919 Forumite
So after spending months (well 1 Day) selling our house, finding dream house etc, our accountant decides to deal a blow today when we request the cert for our ltd company/additional income.
Our company income which is as follows...
15/16 Net profit 10K, dividends paid from this £5K each director
16/17 Net profit 18k, dividends paid 9K each
17/18 Net profit 20k, dividends paid 10k each...
Apparently we can only declare it this way for mortgage which has completely screwed us over now as we've gone through full application with the above figures
15/16 Net profit 10K, no dividends paid
16/17 Net profit 18k, 5K dividends paid
17/18 Net profit 20K, 9k dividends paid
She is basically saying we can only declare them as paid the following year. Does this sound right to everyone as all my research on this prior has told me that you declare it for the trading year as I have done on the application otherwise we show as zero income from year one and everything else lags behind a year?
Our company income which is as follows...
15/16 Net profit 10K, dividends paid from this £5K each director
16/17 Net profit 18k, dividends paid 9K each
17/18 Net profit 20k, dividends paid 10k each...
Apparently we can only declare it this way for mortgage which has completely screwed us over now as we've gone through full application with the above figures
15/16 Net profit 10K, no dividends paid
16/17 Net profit 18k, 5K dividends paid
17/18 Net profit 20K, 9k dividends paid
She is basically saying we can only declare them as paid the following year. Does this sound right to everyone as all my research on this prior has told me that you declare it for the trading year as I have done on the application otherwise we show as zero income from year one and everything else lags behind a year?
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Comments
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What is on your SA302s?I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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I don't get SA302s, just tax calculations via online self assessment
The application is via the leeds Bs, will they see this acc cert and reject the application or query it first? We're miles inside the affordability now as we've gone for a mortgage of £329k vs £399K they would lend us excluding the minor hiccup above.0 -
I cant see them lending you £400k or even £300k on a £30k income.
If it passes affordability with the new/correct figures you should be fine, they will just amend the income figures. If it fails affordability they will tell you what they will lend.
If I remember correctly, the Leeds affordability calculator will show you the maximum if will lend but it does take into account their income multiples cap? Im sure kingstreet can confirm or deny that.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Sorry, this is for 'additional income' i.e second job/own limited company. We have ~£68k of full time employment income between us too
Ahh that's great if they'll just amend the figures their end, we'll still be well in the affordable end of the scale, thought they might just reject us for being... daft
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I don't get SA302s, just tax calculations via online self assessment
The application is via the leeds Bs, will they see this acc cert and reject the application or query it first? We're miles inside the affordability now as we've gone for a mortgage of £329k vs £399K they would lend us excluding the minor hiccup above.
This makes no sense. If you file self assessment tax return, which is mandatory for directors of ltd. and AFAIK for anyone receiving Dividends over the tax free allowance (5k for 16/17 and going down), regardless whether it's online or paper you should be able to logon to the .gov portal and download a copy of your SA302
Just explain to the Lender the mix-up with tax years etc.0 -
This makes no sense. If you file self assessment tax return, which is mandatory for directors of ltd. and AFAIK for anyone receiving Dividends over the tax free allowance (5k for 16/17 and going down), regardless whether it's online or paper you should be able to logon to the .gov portal and download a copy of your SA302
Just explain to the Lender the mix-up with tax years etc.
Incorrect, not everyone gets SA302 anymore, you have to pester HMRC for them I believe and they send them out on paper.... eventually... Have a google, lots of stories out there about it0 -
An SA302 and a Tax Calculation from SA Online are one and the same. They are produced differently and are in a different format, that's all.
https://nationwide.relayto.com/post/a-guide-to-our-hmrc-tax-calculation-tax-year-overview-requirements-ve7t2yfoI am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
This makes no sense. If you file self assessment tax return, which is mandatory for directors of ltd. and AFAIK for anyone receiving Dividends over the tax free allowance (5k for 16/17 and going down), regardless whether it's online or paper you should be able to logon to the .gov portal and download a copy of your SA302
No you cant. I file using Tax Calc. Its not possible for me to vie my SA302 online, just the overview. You cant view your SA302 online, if you file directly via the HMRC website and not using third party software. and its causing issues. HMRC by exception will send SA302 but you have to ring.0 -
I have been filing my SATR online directly with HMRC for the last 6 years and was able to download my SA302 without fail on numerous occasions. Same for my wife, and couple of friends I have discussed this with.No you cant. I file using Tax Calc. Its not possible for me to vie my SA302 online, just the overview. You cant view your SA302 online, if you file directly via the HMRC website and not using third party software. and its causing issues. HMRC by exception will send SA302 but you have to ring.
Maybe we are lucky.0 -
I have been filing my SATR online directly with HMRC for the last 6 years and was able to download my SA302 without fail on numerous occasions. Same for my wife, and couple of friends I have discussed this with.
Maybe we are lucky.
It's hit and miss as I say, you are indeed some of the lucky ones! Sent all our pack off to the Leeds BS today anyway so watch this space :beer:0
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